The pitfalls of freelancing

Many of us corporate desk-jockeys occasionally think about some day getting up, tossing our laptops to the floor and shouting, “That’s it! I’m out of here!”

It’s a common fantasy that usually – and hopefully – leads first to a consideration of what consequences might follow from such a brazen move; and second, to some serious thought about where you see yourself in the world of opportunity that supposedly lies just beyond your laptop throwdown. Grand exits, you may have noticed, are all the rage these days – and perhaps you have plenty of reason to leave. But do you have a plan? More importantly, is it feasible? Because let’s be honest: while raising llamas in Peru might seem like a relaxing alternative to your current daily grind, it’s not all that practical.

How about freelancing? Is it an option for your line of expertise?

Many people consider freelancing an attractive alternative to the 9-to-5 lifestyle. There’s definitely something to be said about being in control of your own affairs and calling your own shots. But opting for self-employment should only be done after a consideration of the pros and cons. Obviously, as with anything else, there’s the good and the bad.

Thankfully, mastersdegree.net has a helpful visual guide to understanding the challenges and perks that many freelancers face. Titled “The Pitfalls of Freelancing”, it compiles data from a variety of sources – and, for good measure, dresses it up in a graphic scheme that pays homage to Pitfall!, the classic 80s video game.

A few take-aways:

– Most freelancers are truly happy about the work they do, and many are successful at it.

– Then again, many freelancers struggle to find enough work, many have to dip into savings to get by and lack benefits (in the U.S., many of them can’t get an affordable health insurance plan).

– Getting stiffed by an employer is a common problem. The average U.S. freelancer has gotten stiffed for $6,000 total. (note: The struggle to get paid for freelance work is something we’ve covered previously on these pages)